SEOUL, Jan. 12 (Korea Bizwire) – The brutal job-cutting in South Korea’s shipbuilding industry is expected to continue into this year, with the nation’s three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday. South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid [...]
SEOUL, Dec. 28 (Korea Bizwire) – About 300 office workers of embattled Daewoo Shipbuilding & Marine Engineering Co. (DSME) will go on a month-long unpaid leave in January as part of efforts to cut costs, sources said Wednesday. They will be the first batch of DSME’s 4,700 desk-job employees who will take turns on unpaid [...]
SEOUL, Dec. 27 (Korea Bizwire) – South Korea’s top three shipbuilders are expected to suffer from tough business conditions in 2017 with their orders likely to reach levels similar to this year, industry sources said Tuesday. In the face of a global vessel glut and fiercer competition from Chinese rivals, the three shipyards — Hyundai [...]
SEOUL, Dec. 13 (Korea Bizwire) – Embattled Daewoo Shipbuilding & Marine Engineering Co. is expected to receive 2.8 trillion won (US$2.39 billion) from its creditors this month, averting a delisting from the local stock market, industry sources said Tuesday. Last month, the creditors, led by the state-run Korea Development Bank (KDB), decided to provide the [...]
SEOUL, Dec. 2 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it plans to spin off its IT business unit next year in an effort to streamline its business structure. The unit, tentatively named DSME Information System, will be launched on Jan. 1, the shipbuilder said. The [...]
SEOUL, Dec. 1 (Korea Bizwire) – South Korea’s major shipyards have to pay off or refinance a combined 2.22 trillion won (US$1.89 billion) worth of corporate bonds due next year amid concerns over their worsening financial status, industry sources said Thursday. According to the sources, Daewoo Shipbuilding & Marine Engineering Co., one of the country’s [...]
SEOUL, Nov. 25 (Korea Bizwire) – Shareholders of Daewoo Shipbuilding & Marine Engineering Co. on Friday approved a proposed capital reduction scheme, paving the way for the troubled shipbuilder to receive financial aid from its creditors. The shipbuilder said its shareholders gave the nod to the 10-to-1 capital reduction for shareholders. Earlier, its creditors, led [...]
SEOUL, Nov. 23 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipyard, has faced another call from a customer to delay ship delivery, adding to difficulties for the shipbuilder, industry sources said Wednesday. According to the sources, U.S. drilling firm Atwood Oceanics has asked Daewoo Shipbuilding to delay the delivery [...]
SEOUL, Nov. 14 (Korea Bizwire) – Some 3,000 employees have quit their jobs from South Korea’s top three shipbuilders in the third quarter of the year as the industry underwent extensive restructuring programs to cope with global oversupply and low demand amid a global economic slowdown, industry sources said Monday. The country’s three biggest shipyards [...]
SEOUL, Nov. 11 (Korea Bizwire) – The labor union at Daewoo Shipbuilding & Marine Engineering Co. is being pressed to accept the shipyard’s restructuring scheme including a workforce reduction, a key condition for the embattled shipyard to receive financial aid from its creditors, industry sources said Friday. Earlier this week, the creditors, led by the [...]